Trump: Tariffs Will Be Lifted “If New & Fair NAFTA Agreement Is Signed”

President Donald Trump said on Monday that he will reconsider proposed tariffs on imported steel and aluminum if a “new & fair NAFTA agreement is signed.” The president unofficially announced the tariffs last week as he met at the White House with chief executive officers from major U.S. producers, including Nucor President and CEO John Ferriola and U.S. Steel CEO Dave Burritt.

“We are on the losing side of almost all trade deals. Our friends and enemies have taken advantage of the U.S. for many years,” President Trump tweeted. “Our Steel and Aluminum industries are dead. Sorry, it’s time for a change! MAKE AMERICA GREAT AGAIN!”

The former New York businessman turned President of the United States ran vowing to renegotiate North American Free Trade Agreement (NAFTA) and withdraw the U.S. from the Trans-Pacific Partnership (TPP). Shortly after taking office, President Trump signed an executive order making good on the latter and moving to renegotiate NAFTA on a bilateral basis.

The measures taken together fulfill a major promise made on the campaign trail and is widely supported by industry workers in Rust Belt states. Until 2016, no Republican had carried Wisconsin, Michigan and/or Pennsylvania since the 1980s.

We have large trade deficits with Mexico and Canada. NAFTA, which is under renegotiation right now, has been a bad deal for U.S.A. Massive relocation of companies & jobs. Tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed,” he also tweeted. “Also, Canada must treat our farmers much better. Highly restrictive. Mexico must do much more on stopping drugs from pouring into the U.S. They have not done what needs to be done. Millions of people addicted and dying.”

President Trump is expected to make a formal announcement this week, which will impose a 25% tariff on imported steel and 10% tariff on imported aluminum.

“We believe very strongly that it’s time for decisive and meaningful action to stem the flow of illegally traded imports into this country,” said Mr. Ferriola, who heads the largest steel production company in the U.S. “And we are counting on the administration to fulfill the promises that were made and to give us that level playing field to compete.”